Related InterviewSolutions

• Prepare Accounting Equation from the following : - 1. Started business with cash Rs. 75,000 and goods Rs. 25,000. 2. Paid for Rent Rs. 2,000. 3. Bought goods for cash Rs. 30,000 and on credit for Rs. 44,000. 4. Goods costing Rs. 50,000 sold at a profit of 25% out of which Rs. 27,500 received in Cash. 5. Purchased a Motor - cycle for personal use Rs. 20,000.
• Show the accounting equation on the basis of following transactions : (i) Commenced business with Cash Rs.20,000, Goods Rs. 50,000 and Furniture Rs. 30,000. (ii) Purchased goods from Gopal on Credit Rs.40,000. (iii)Sold goods for Cash Rs.40,000 (Costing Rs. 30,000). (iv) Sold goods to Ram on Credit Rs. 65,000 (Costing Rs. 50,000). (v) Withdrew for personal use goods costing Rs. 5,000. (vi) Purchased typewriter for personal use of the proprietor Rs. 20,000. (vii) Purchased chairs for office use for Cash Rs. 10,000. (viii) Paid for printing Rs. 500 and received Commission Rs.1,200. (ix) Introduced fresh Captial Rs. 40,000. (x) Paid to Gopal Rs. 30,000.
• Prepare Accounting Equation from the following : (a) Started business with Cash Rs. 2,00,000. (b) Purchased goods for Cash Rs. 60,000 and on Credit Rs. 1,50,000. (c ) Sold goods for Cash costing Rs. 40,000 at a profit of 20% and on Credit costing Rs. 72,000 at a profit of 25%. (d) Paid for Rent Rs. 5,000.
• Prepare accounting equation from the following : (i) Started a business with cash Rs.1,00,000 and goods worth Rs.20,000. (ii) Sold 50% of above goods at a profit of Rs. 2,000 on credit to Ram. (iii) Rent paid Rs.5,000. (iv) Ram paid 50% of his balance in cash.
• Show the accounting equation on the basis of the following transactions and also show the Balance Sheet : (i) Started business with Cash Rs.60,000 and Goods Rs.30,000. (ii)Purchased goods for Cash Rs.40,000 and on Credit Rs. 25,000. (iii) Goods costing Rs. 48,000 sold at a profit of `33 1/3%`. Three -fourth payment received in Cash (iv) Goods costing Rs. 20,000 sold at a loss of 5% , out of which Rs. 12,000 received in Cash. (v) Paid Rent Rs. 4,000 and Salary Rs. 6,000. (vi) Received Cash from Debtors Rs.15,000. (vii) Paid telephone bill amounting to Rs.800.
• Prepare the Accounting Equation on the basis of the following : (a) Started business with cash Rs. 1,40,000 and Stock Rs. 2,50,000. (b) Sold goods (costing Rs. 50,000) at a profit of 25% on cost. (c ) Deposited into bank account Rs. 1,80,000. (d) Purchased goods from Mohan Rs. 80,000.
• Prepare accounting equation from the following : (a) Started business with cash Rs. 50,000 and goods Rs.30,000. (b) Purchased goods for cash Rs. 30,000 and on credit from Karan Rs. 20,000. (c ) Goods costing Rs.40,000 were sold for Rs. 55,000 for cash. (d) Withdrew cash for personal use Rs. 10,000. (e) Rent outstanding Rs.2,000.
• Prepare Accounting Equation on the basis of the following transactions : (a) Started business with cash Rs. 70,000. (b) Credit purchase of good Rs. 18,000. (c ) Payment made to creditors in full settlement Rs. 17,500. (d) Purchase of machinery for cash Rs. 20,000.
• If a transactions has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability , is the decrease recorded as a debit or as a credit ?
• If total assets of a business are Rs. 10,00,000 and capital is Rs. 4,00,000, calculate creditors.